TotalEnergies and Abu Dhabi Future Energy Company PJSC – Masdar have signed a binding agreement to form a US$2.2 billion joint venture.
The 50/50 JV will merge the onshore renewable activities of both companies across nine countries across Asia, creating a new renewable champion headquartered in the Abu Dhabi Global Market.
The JV will serve as the exclusive vehicle for both companies to develop, build, and operate solar, wind, and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
The deal arrives as electricity demand across Asia accelerates at a record pace. By combining their portfolios, the partners will start with 3 GW of operational capacity and a massive 6 GW pipeline of projects in advanced development. The goal is to have these assets fully operational by 2030.
TotalEnergies Chairman and CEO Patrick Pouyanné highlighted the synergy of the move.
“It will allow us to combine the strengths of our two companies to secure significant positions in these markets and create more value than if we were acting alone,” Pouyanné said.
The UAE Minister of Industry and Advanced Technology and Chairman of Masdar, Sultan Al Jaber, noted that Asia would be the main driver of global electricity demand growth this decade.
“This collaboration with TotalEnergies will accelerate our progress across the continent, unlocking new opportunities to deliver competitive, reliable energy solutions that our partners and customers need,” he said.
The new entity will be staffed by approximately 200 employees drawn from both parent companies.
For Masdar, the JV solidifies its position as a global clean energy leader, while for TotalEnergies, it aligns with a broader strategy to integrate power business and deepen long-standing ties with the United Arab Emirates.
The transaction remains subject to standard regulatory approvals before final closing.